Your video card only requires 500 watts. You could scale back to a corsair 600 or 650 watt psu and still have plenty to spare.(unless you plan to crossfire at some point since 2 7950's need 700 watts). Also unless you are editing hd movies you will never use 16gb of memory. 8gb doesnt even get all used while playing the latest games.
I will be running crossfire eventually, I want to try out the single card option for now. I do record gaming footage with fraps to make gaming video's, so I figured the extra ram would help smooth things out in After Effects and Premier.
With the video card, I heard that it gets a little hot if I overclock it to the 7970 specs. Should I invest in another cooling system for the video card? or will the stock cooler on the card be fine? I am also using the HAF case, and I have an spare fan I can install. Should that be sufficient to keep everything cool?
Seems like a good build, I think the power supply is a little much but it should be enough since you are planning to crossfire in the future, Other than that everything looks good. Good luck with your build!
An exceptional build for the money, IMO. But I think that if you really want to get more "bang for your buck," you might want to have to roll back your RAM. I think the 16 gig RAM is unnecessary, 4 gig memories already offer very very nice performances in games but since you want to record videos, an 8 gig RAM would be more than enough for you. If you do follow my tip, you could go ahead and spend the saved cash to buy aftermarket coolers for your GPU.
Still, everything is up to you. G'luck with your build.